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Broken Arrow Public Schools 403(b) Plan

Broken Arrow Public Schools 403(b) Plan. RFP Results and Next Steps. Allison Kaylor – Managing Partner. The 401(k) Concierge | 11919 Jones Maltsberger | San Antonio, Tx 78216 P: ( 512 ) 293-5317 | F: ( 210 ) 404-0088 | E: akalylor@401kconcierge.com | www.401kConcierge.com. Goals of RFP.

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Broken Arrow Public Schools 403(b) Plan

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  1. Broken Arrow Public Schools 403(b) Plan RFP Results and Next Steps Allison Kaylor – Managing Partner The 401(k) Concierge | 11919 Jones Maltsberger | San Antonio, Tx 78216 P: (512) 293-5317 | F: (210) 404-0088 | E: akalylor@401kconcierge.com | www.401kConcierge.com

  2. Goals of RFP • Review existing program with CPI (current TPA) • Review the investments offered and benchmark for reasonableness • Audit federal and state required processes • Review vendor pricing for reasonableness • Review education and services to BAPS and participants

  3. Discussion of Results • CPI’s platform is expensive compared to other platforms, and CPI’s plan sponsor and employee education services do not meet expectations • Current investment funds’ 12b1 fees are higher than need be; fund expenses need to be reduced • A master record-keeper is needed for frozen/orphaned assets • Ongoing oversight is needed for fund expenses; fund performance; and recordkeeping and compliance activities

  4. Recommendations • New Provider: ING (BAPS RFP Review Committee’s recommendation) • New Provider: $25,000 lower over all cost. Fund expense ratio reduced from average of 1.23% to 1.07% • Use a bundled platform which includes Master Record-keeper services • Transition current assets to new vendor without liquidation, allow current participants to use old line up or new offerings • Add a new fund selection of high quality/lower cost funds • Formalize a participant education program with group sessions and one-on-one help. • Education with ‘state of the art’ materials

  5. Next Steps • Retain a true advisory/consultant group to replace current “broker” arrangement. This will give fiduciary protection and true advisory help to the District and the participants • Add a Plan Review Committee, formalized by charter to monitor all aspects of the program and implement enhancements as needed • Implement conversion plan to new Master Recordkeeping program with high quality investments at a more reasonable price • Rollout enhanced education/advice to help the participants get the most out of the program

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